De jure directors are directors in law They are persons officially and

De jure directors are directors in law they are

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De jure directors are directors in law. They are persons officially and legitimately appointed by the members or stated in the articles of association of a company as directors of a company. De facto directors are directors in fact. They are persons not officially appointed as directors but who exercise the functions of that office. An employee who acts like and exercises the functions of a director of a company would be regarded as a de facto director even if directorship is not in his job description. A person invalidly appointed as a director (e.g. a person under 16 years) but who continues to act as a director would be regarded as de facto director. Download free eBooks at bookboon.com
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BUSINESS ORGANISATIONS AND AGENCY COMPANY DIRECTORS 426 A Shadow director is a person who has not been appointed as a director but on whose instructions and directions the directors of a company usually act. In other words, the person indirectly runs the company from behind the scenes. Such a person will be bound by the same rules as other directors although he has not been appointed or designated as a director. However, a person giving professional advice to the board of directors of a company (such as s solicitor or accountant) is not be regarded as a shadow director. Similarly, a parent company is not to be regarded as a shadow director of its subsidiary because the subsidiary carries out its instructions. A company director may be a natural person or a body corporate; but a body corporate cannot be the only director in a company. There must be one natural person s. 155. 24.4 TYPES OF DIRECTORS Irrespective of how they come into position, directors may be classed as executive or non-executive. Download free eBooks at bookboon.com Click on the ad to read more 95,000 km In the past 5 years we have drilled around —that’s more than twice around the world. What will you be? Who are we? We are the world’s leading provider of reservoir characterization, drilling, production, and processing technologies to the oil and gas industry. Who are we looking for? We offer countless opportunities in the following domains: n Operations n Research, Engineering, and Manufacturing n Geoscience and Petrotechnical n Commercial and Business We’re looking for high-energy, self-motivated graduates with vision and integrity to join our team. careers.slb.com
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BUSINESS ORGANISATIONS AND AGENCY 427 COMPANY DIRECTORS 24.4.1 EXECUTIVE DIRECTORS Executive directors are employed full time by a company; are involved in the day--to-day management of the company; and exercise specific functions for it. Usually they would be in charge of specified departments in the company. Examples of executive directors are the Managing director, directors of finance, marketing, procurement, personnel, etc. Normally these directors have specific contracts of employment which designate their roles and functions. The articles of association may also specify these. The managing director is the chief executive officer and the most important of the executive directors. Other directors
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